A P limited company owns a flat rented by a director for many years. Can the company sell the flat to the director at a rent based figure. Say 200 months rent if all the shareholders agree to the sale ? Will the tax authorites accept this valuation. What objection and what action can they take if it is deemed undervalued.
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Sale of tenanted flat
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The case for fair valuation of a capital asset will be referred to valuation officer Sec 55A
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